Reserves & Resources

Graphite Mineral Resource

Explanation of material changes:

The Balama Graphite Mineral Resource Estimate as at 31 December 2023 is reported in consideration of reasonable prospects for eventual economic extraction ("RPEEE") through the application of an economic pit shell derived using a price of US$1,090/t for a 95% TGC product. Graphite Mineral Resources are reported as dry tonnes on an in-situ basis. The model underpinning the Graphite Mineral Resource Estimate is effectively unchanged from that reported as at 31 December 2022. Only basic model depletion for mining activities at Ativa during 2023 and adjustments of stockpiles has been completed. There is no change to the Mepiche or Mualia Graphite Mineral Resource Estimate as these pits were not mined in 2023.

Vanadium, a by-product which is liberated during the graphite production process, could potentially be refined into a saleable high purity vanadium pentoxide product via processing of material currently reporting to tailings at Balama. The Balama Vanadium Mineral Resource Estimate is under review and will be updated in 2024. Work commenced on a Pre-Feasibility Study (PFS) for the Balama vanadium project in 2023. Sampling and analysis of vanadium content within the graphite processing circuit was completed in 2019, which confirmed prior understanding of vanadium concentrations in key process streams in the Balama graphite circuit and will be used to inform metallurgical test work as the project progresses. Syrah is advancing metallurgical studies as part of the PFS on the Balama vanadium project.